DigitalOwl, a Natural Language Processing (NLP) technology for deeply analysing and summarising medical records that aids insurers, has raised $20m in Series A funding.
The round was led by New York-based global private equity and venture capital firm Insight Partners, with participation from existing investors Ibex and Fusion VC.
The company’s machine learning platform interprets medical records and assists underwriters and claim adjusters. DigitalOwl said it addresses the issue of slow and antiquated processes for reviewing medical records.
DigitalOwl currently operates in the US, Canada and Israel to help companies get through the tedious process of manual underwriting and claims analysis. The company said that the average medical record holds more than 44,000 words entailing more than 2,900 medical extractions, data points such as procedures, conditions, and medications, making its NLP technology all the more needed.
DigitalOwl said this latest round will be used for additional hires that will strengthen existing teams, particularly technology development, sales, marketing and client service. The round follows the company’s $6.5m seed announcement in February 2021.
Yuval Man, CEO and co-founder of DigitalOwl, said, “For our current and future customers – insurance companies, reinsurers, TPA’s, and others in the insurance and legal industries – this investment will allow us to innovate faster, bringing them the most advanced medical data analysis services available, backed by world-class customer service and a deep bench of domain expertise.”
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